Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
U.S. Census Bureau data (2024)
The ZIP code 97054 stands out due to its unique demographic and economic characteristics. With only 1,494 residents, it has a notably low rental rate at just 2.2%, indicating that the majority of the population owns their homes. The median income in this area is $87,327, which is above the national average, suggesting a relatively affluent community. The median home value is even more impressive at $533,295, reflecting the high cost of living and property values in this region.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 97054 is set at $1,660 for fiscal year 2024. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this area. However, the lack of available market rent data means that it's difficult to compare the FMR against typical rental rates, leaving some uncertainty about how competitive this subsidy is relative to the local housing market.
Despite the high median home value and income, the low rental rate suggests that this ZIP code might be less attractive to landlords participating in the Section 8 program. Fewer renters could mean fewer opportunities for landlords to utilize vouchers effectively. Additionally, the absence of specific market rent data complicates the analysis, making it challenging to predict how well Section 8 rents align with actual market conditions.
Based on the available data, the ZIP 97054 appears to have a stable economic environment, characterized by high home values and incomes. However, the limited rental market and missing market rent data indicate a transitional phase where further analysis would be necessary to fully understand the dynamics of the housing market and the potential impact of Section 8 vouchers.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.